(MENAFN- Khaleej Times) Damac Properties has signed an exclusive deal with Paramount Hotels & Resorts to expand its branded hotels and serviced living concepts to new cities around the region.
The hotels and serviced residences will be launched over the next five years across Dubai, Abu Dhabi, Jeddah and Istanbul. The new agreement is a major expansion on the current deal which has already seen four different projects announced in Dubai and Riyadh.
"Damac Properties is delighted to be extending its exclusive agreement with Paramount Hotel & Resorts - a deal which will present many new and exciting opportunities to bring the Hollywood lifestyle and California cool to many more premium locations," said Ziad El Chaar, managing director of Damac Properties.
Ghassan Aridi, chairman of Paramount Hotel & Resorts, said: "The reception to the Paramount Hotels & Resorts-branded hospitality concept has been overwhelming and when it came to expanding the brand further, there was no question that we should do so in partnership with Damac Properties... the new developments will be a series of dynamic and sensory experiences that live up to our mantra of producing hospitality that is unmistakable, unforgettable and consequently, unmissable."
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